Uh ohh… we’ve a doji candlestick right at the previous high resistance…
This week may set the tone for the upcoming market direction. If price break down from here, it could mean a double-top at previous high and the bear may try to bring it back down. If price makes new high, then the doji is just a pause for the continuing bull pattern.
Today I dumped $AMRN and bought back $NUGT for bottom-picking. I sold $AMRN ’cause I was concerned about the lack of volume. While Friday closed with a bullish engulfment, I noticed that it was a “weak” bullish engulfment due to relatively low volume. And lack of volume in the morning ’cause me to think twice about holding this one thru earnings. So I sold when the bids were there to take my sell orders. I was lucky to get out at breakeven.
$NUGT opened higher so I decided to try again. I bought when price started to rally some more after the open. I was underwater not long afterward but I wanted to give this one more room to handle the volatility. Later in the day, I was rewarded with my patience.
While you could see the bounce, it really is a weak bounce relative to the whole chart. I’m wondering if I can hold on to the gain for today going into tomorrow.
$LRAD, $DMRC, and $ORBC all corrected today. $DMRC announced their debut into mobile payment solution at the Money 20/20 conference which is actually happening now. I’m thrilled to learn that their mobile solution is quite simple and intuitive. Let’s see if their solution will gain traction down the line.
Today down day confirmed the bearish engulfment as a top for current correction. However, this is still a normal correction as far as I’m concerned.
Although $LRAD and $ORBC corrected, price is still within the consolidation range that I considered as non-event.
With drawdown from $LRAD and $DMRC, my port gave back 1.8% with YTD gain at 9.1%.
LRAD, DMRC, ORBC, NUGT and 12.7% cash.
From my other account:
Both $MCIG and $FITX bounced today; therefore, I’m in good shape here.
My 2 cents.
Categories: Daily trading Journal